Analyst: Don't Freak Out About The Departure Of AMD's Head Of Radeon
What Happened: Late Tuesday, UK tech news site Hexus reported Advanced Micro Devices, Inc (NASDAQ: AMD) Senior Vice President and Chief Architect of the Radeon Technologies Group, Raja Koduri, decided to leave the company.
AMD later confirmed the news.
The Stock's Reaction: Shares of AMD hit a low of $11.51 in Wednesday's session, as some traders and investors fret over what Koduri's departure might mean for Radeon, for Navi, the next generation graphics chip expected to launch next summer, or for the graphics segment of the company in general.
Analyst Perspective: Deutsche Bank analyst Ross Seymore, in a research note, said Koduri had actually taken a leave of absence back on September 25, leaving the RTG team in the capable hands of AMD's President and CEO, Dr. Lisa Su.
"While it is rarely a positive to lose an executive of Mr. Koduri's caliber," Seymore wrote, "we believe the reasons for his departure were personal in nature and do not reflect poorly on AMD."
Seymore maintains a Hold rating and $12 price target on AMD's stock.
Shares of AMD were trading at $11.77, down 2.32 percent at time of publication.
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Image Credit: Rico Shen, CC BY-SA 3.0, via Wikimedia Commons
Latest Ratings for AMD
Oct 2017 | Morgan Stanley | Downgrades | Equal-Weight | Underweight |
Oct 2017 | Credit Suisse | Maintains | Neutral | |
Oct 2017 | Loop Capital | Maintains | Hold |
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